Main reasons to start your Buckhurst Hill lease extension

Main reasons to commence your Buckhurst Hill lease extension today:

A Buckhurst Hill leasehold property depreciates with the years remaining on the lease.

With a long leasehold premises in Buckhurst Hill, you effectively rent it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than 80 years left. Leasehold owners in Buckhurst Hill with a lease drawing near to 81 years remaining should seriously think of extending it as soon as possible. When a lease has under 80 years remaining, under the current legislation the freeholder is entitled to calculate and demand a larger premium, based on a technical calculation, known as “marriage value” which is due.

Buckhurst Hill property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders will not loan monies on a short lease

Banks and Building Societies have set criteria when loaning monies secured on leasehold property. Some will simply refuse lend at all once the remaining lease term falls below a specified unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are wanting to refinance your Buckhurst Hill property.

What makes us experts in Buckhurst Hill lease extensions?

Lease extensions in Buckhurst Hill can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Buckhurst Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Buckhurst Hill Lease Extension Example Cases:

Madeleine, Buckhurst Hill, Essex,

In the wake of 9 months of unsuccessful discussions with the landlord of her ground floor apartment in Buckhurst Hill, Madeleine initiated the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction completed in October 2006. The landlord’s costs were restricted to a tad over 700 GBP.

Buckhurst Hill case:

Last month we were called by Dr J Ramírez , who purchased a newly refurbished apartment in Buckhurst Hill in February 2010. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical premises in Buckhurst Hill with a long lease were worth £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease termination date was on 13 August 2101. Taking into account 76 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.